DYDX shoots up 10% as buybacks get a quarter of protocol revenue
DeFi trading platform dYdX will allocate 25% of its revenue to monthly token buybacks.
Decentralized finance (DeFi) trading platform dYdX announced its first-ever token buyback program on March 24, aiming to reinvest in its ecosystem to enhance security and governance.
According to the announcement, 25% of the protocol’s net fees will be dedicated to monthly buybacks of its native dYdY (DYDX) token on the open market.
Following the announcement, DYDX surged over 10% and was trading at approximately $0.731 at the time of writing, according to CoinGecko. The token has gained more than 21% over the past two weeks.
